Linen Yarn Manufacturer Completes Construction

Apr 4 , 2020

Kingdom Linen Plc, a Chinese firm operating in Ethiopia, has completed the first phase of its investment project at Adama Industrial Park. The company intends to produce 5,000tn of high-grade linen yarn annually for export. The plant covers an area of 32ha. Started two years ago with 200 million dollars in investments, the company is expected to create jobs for 1,000 people when the first phase is completed. When it becomes fully operational, Kingdom, which is set to be completed in two phases, is expecting to hire 4,000 employees. The plant, which is expected to generate 45 million dollars a year in revenue, will also have an annual production capacity of 20,000tn of high-grade, wet-spun linen yarn.


Ministry Secures $86m Grants

An 86.18 million dollar grant agreement was signed between the Ministry of Finance, UNICEF and UNFPA last week to support the agencies' ongoing country programs for the fiscal year. Out of the total grant, UNICEF committed 70 million dollars to support its water, nutrition, education, health, sanitation, child protection, and gender projects. Meanwhile, UNFPA pledged 16.1 million dollars for family planning, maternal health, adolescent and youth development, and gender equality and women empo...


Authority Reports Fuel Import Stats

Ethiopian Petroleum & Energy Authority (EPA) disclosed that 3.2 million tons of fuel were imported into the country during the last fiscal year. The figure includes 2.04 million tons of diesel and 767,672tns of benzene. In the past fiscal year, the digital payment system, Telebirr, facilitated transactions totalling 103 million volumes worth 61.8 billion Br. Of these transactions, 81.39pc were for diesel, while 17.82pc were for benzene. The number of fuel stations increased from 682 to...


Commercial Bank Collects $3.2b in Foreign Currency

The Commercial Bank of Ethiopia (CBE) announced robust performance in foreign currency collection for the past fiscal year, achieving 3.2 billion dollars in total mobilisation. This includes 2.07 billion dollars in remittances, with the Bank's Diaspora banking service and CBE Birr contributing 89.9 million dollars to the total. The performance details were shared during CBE's annual review meeting last week. "This achievement is particularly gratifying given the challenging economic climat...